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Definition:
A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnership Act).Membership:There may be a minimum of two and a maximum of twenty members in a partnership. In the U.K however, the Partnership Act 1934 CAP 29 provides that the maximum number of partners in a firm that offers personal/professional services may be up to 50 if each partner is professionally qualified, e.g. Accountants, Lawyers, architects doctors, surgeons etc.Types of Partners:
Partners may be classified into the following categories:a) Active or dormant;b) Limited or Unlimited;c) Adult or Minor;d) Real or Quasi.
explain the purpose and circumstances of using fair values in preparing consolidated financial statements
Show the rectification entries for the following: (10 marks) a. The Sales account is undercast by Rs.15,000 b. Goods returned by
Profits in subsidiary company The remaining profits that belong to the holding company should be split between pre-acquisition profits and post acquisition profits. The pre
Retained Earnings had a beginning balance of $2,758,000 and an ending balance of $3,885,700. Total revenues for the year were 3,790,800. During the year 130,300 in dividends were d
what are responsibilities of stock verifier
This project allows you to think critically and apply decision-making management techniques. In this project, you need to solve a bond portfolio problem, a diversified portfolio p
Middlehurst House is a daycare center/preschool which operates as a partnership of George Friedman and Bill Compton. The center is in a city that has a large base of twoincome fami
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Illustrations of Changes in accounting estimates B Ltd., bought an item of plant at a total cost of £100,000. The estimated useful life commencing from 1st January 2000 was 10
Q. Show the Basis of weightings? (i) Both costs of capital (Ke and Kd) as well as the WACC have been calculated using current ex-dividend (ex-interest) market values rather t
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